China’s EOS On 1st Ranking While BTC On 17th

China’s state-backed monthly ratings of cryptocurrencies on the second round had released their blockchain projects on Thursday.

In the Global Public Chain Technology Evaluation Index, it was announced that EOS ranked the first place, Ethereum (ETH) for second while Bitcoin (BTC) was on the 17th spot out of 30 other cryptocurrencies.

According to some reports, the monthly evaluation index of China is published in the China Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology where it is compiled under the “first-rate domestic experts and scholars”.

EOS granted for its “outstanding technical advantages in transaction confirmation efficiency, a network throughout and for its transaction costs” is one of the reasons for its top ranking as it is their protocol.

Since it went live on June 15, the network experienced a number of technical difficulties and criticisms for its freezing accounts. Nonetheless, the judges evaluated the project as “highly active in technological innovation,” a “new generation public blockchain” which is “currently regarded by most in the industry”.

The index has been a monthly “independent analysis” that evaluates various blockchain projects around the globe on a basis of their technological capability, innovation, and even usefulness. In the month of May, it was first announced that they will compensate for how the government of China sees it to be a “lack of completely independent assessment” on its various blockchain projects and crypto.

Through another report in Cointelegraph, it was stated that China has been hiding their weight behind the blockchain technology even though it pursues a fine line between cryptocurrencies and Initial Coin Offerings (ICO).

The new monthly index as said by CCID will demonstrate “the confidence of the Chinese government” on the idea of blockchain that will be their “guide” on the technological vanguard of the country.

An initiative by China’s IT ministry resulted from last month into forming a special committee which will be for cementing nationwide standards for blockchain by the end of next year, 2019.

China’s President Xi Jinping stated also that blockchain is one of the examples of a “new generation” of a set of technologies that will be making “breakthroughs” on “reconstructing the global innovation and reshaping the global economic structure.”